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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: JBTFD who wrote (33651)	11/7/2012 9:43:02 PM
From: longnshort	2 Recommendations Read Replies (1) \| Respond to of 85487

"Didn't the rich used to pay more? A lot more. The top marginal income tax rate was 91 percent during the 1950s, 70 percent during the 1970s, and 50 percent during all but the last two years of Ronald Reagan's presidency, when it fell as low as 28 percent. Today, the rich have historically low tax rates, but are paying a higher share of the U.S. federal tax haul. The wealthiest 1 percent of taxpayers alone pay 40 percent of all federal income taxes, and 21 percent of total taxes, including payroll, state, and local taxes. Meanwhile, the share of the U.S. population that pays no federal income tax at all has shot up to 47 percent, thanks largely to tax credits promoted by George W. Bush and Barack Obama. "